2 US government contracts for Intercede expected to ‘significantly’ lift 2024

UK digital credential security firm Intercede says it has sold a $1 million software license to a new, unnamed buyer in the U.S. intelligence community. The agency also bought an annual software subscription valued at $200,000.

Intercede‘s enterprise software is intended to prevent user credentials being compromised. This deal and a somewhat larger sale announced last month will push revenue “significantly” above market expectation for fiscal 2024, which ends in March, according to the company.

The market forecast stands at £18 million (US$24 million) in revenue and an adjusted Ebitda of £5.2 million ($6.6 million), according to the company.

The December sale was valued at about $8 million in one-time licenses and support contracts – Intercede’s largest-ever deal. It went to a “U.S. federal agency” that also went unnamed. Intercede will replace the agency’s credential software with the vendor’s MyID credential-management software.

Intercede partnered with Aware to add face biometrics to the MyID Credential Management System in 2021.

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biometrics  |  financial results  |  government purchasing  |  Intercede  |  stocks  |  U.S. Government